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 Rev. Rul. 63-54

1963-1 C.B. 306

Caution: Superseded by Rev. Rul. 67-162

Full Text

Rev. Rul. 63-54 /1/

Revenue Ruling 56-48, C.B. 1956-1, 561, is hereby modified to exclude the statement, contained therein that, "This ruling is equally applicable to so-called policy loans which are deemed in reality mere advances of sums due the insured, under decisions such as Board of Assessors of the Parish of Orleans, The City of New Orleans v. New York Life Insurance Company, 216 U.S. 517."

/1/ Also released as Technical Information Release 459, dated Mar. 11, 1963.